Reef Announces Sale of Assets to Levant Exploration and Production Corp

Calgary, Alberta--(Newsfile Corp. - August 9, 2022) - Reef Resources Ltd. ("Reef") is pleased to announce that it has completed the sale of its non-producing oil and gas assets located in Huron County, Ontario (the "Assets") effective July 22, 2022, to Levant Exploration and Production Corp. ("Levant") pursuant to the Asset Purchase Agreement (the "Asset Purchase Agreement") between Reef and Levant previously announced by Reef in its press releases dated November 22, 2021 and March 1, 2022.

Completion of the Asset Purchase Agreement was subject to the conditions that the representations of the parties made in the Agreement being true and correct at closing, satisfactory due diligence on the part of Levant as to the Assets and the other assets of Reef and confirmation by Levant of the validity of surface leases to the subject lands. Additionally, as the Assets comprise all or substantially all of the assets of Reef, the sale of the Assets required the approval by not less than 66⅔% of the votes cast by shareholders at a meeting of shareholders of Reef. The shareholders approved the sale at Reef's Annual General and Special Meeting that was held on June 8, 2022.

Arnold W Hansen
President, Chief Executive Officer and Director
(403) 251-9447

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